Pound falls to week low against euro

Euros becoming more expensive again

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Euro dips to 16-month low against dollar

The euro has fallen in value against the dollar as investors worry over the state of the economy.

Friday, 19 June 2009 12:00

The pound has dropped to a weekly low against the euro after weak retail sales damaged confidence in sterling.

After recent multi-month highs, a surprise fall in retail sales sent sterling lower and holidaymakers once again saw the value of the pound sink as they head over to the eurozone this summer.

Yesterday the euro rose 1.1 per cent to 85.96p from a six-month low of 84.19p earlier in the week.

Mark Bodega, director of currency specialists HiFX, said: "With so many factors affecting sterling, it is nigh on impossible for holiday makers or British expats abroad to predict what is going to happen.

"The best way to make sure that you are getting the most bang for your buck is to think about your currency needs in advance. This could mean buying travel money online in advance to ensure best rates or seeking advice from a currency expert on when to execute larger transfers."

The pound has recovered recently on expectations the economic recovery could come sooner than expected.